Citigroup's [C] existing relationships with Saudi clients will not suffer from the disposal of its 20% stake in Samba Financial as it has a significant retail and investment-banking presence in neighboring Bahrain and the UAE, where Saudis have preferentially held their wealth. Nevertheless, Citigroup needs to ensure it does not let its competitors muscle in on its market share.

Published By Datamonitor

Oil wealth has already attracted many private banks to the Middle East, and the latest bank to announce that it is seeking to capitalize on the region's huge potential is Credit Agricole Suisse, which intends to increase its presence. Although competition in private banking is intense, Datamonitor believes that Credit Agricole's long established presence in the region gives it a competitive edge.

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DSM wants to focus on specialty chemicals, using the proceeds of the sale to fund acquisitions in that sector - so the higher than expected price will serve it well. Meanwhile, petrochemicals giant Sabic seems to be planning a major assault on Europe. It is likely to continue its M&A activity, perhaps with a bid for Eni's petrochemicals operations.

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The recent announcement by 15 gas-exporting states, including six of the world's top 10, revealing that they are to form a permanent organization intended to stabilize prices and monitor markets does not indicate that an OPEC-style gas cartel is any closer to becoming a reality. Still, Europe cannot afford to sit on its hands forever.

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As the economies of the Persian Gulf states continue to develop, the issue of sustainability is becoming more important. Effective waste management poses the biggest challenge, with 120 million tons of waste generated by the region every year. As the nations strive to address this environmental and economic problem, experienced European waste management companies will be well placed to benefit.

Published By Datamonitor

The healthcare sector in the Gulf Cooperation Council countries is currently undergoing a wave of reforms intended to achieve and sustain international standards of healthcare delivery. Datamonitor believes that the region has the potential to achieve these aims if it reforms healthcare insurance, develops a workforce of healthcare professionals, and accepts the use of generic pharmaceuticals.

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The MAF Group, in conjunction with anchor partner Carrefour, primarily develops and manages shopping malls and hypermarkets across Egypt and the Middle East. MAF is considering new development projects in Saudi Arabia following 15-20% falls in urban land values; expansion would improve MAF's positioning in Saudi, a market dominated by early-mover MAF competitors.

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Mecca Cola is in direct competition with Coca-cola, deliberately appealing to anti-US sentiments. This growing tendency for manufacturers to market themselves on a political positioning to take advantage of consumer concerns creates a loyal customer base that will not be easily swayed.

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Global oil demand was one of the biggest wealth drivers in the GCC, especially in the more oil-dependent countries of Bahrain and Saudi Arabia where the hydrocarbon industry accounts for the vast majority of GDP. South Africa's wealth market, on the other hand, is driven by manufacturing and services, and therefore the region's future growth is tied to the performance of the world's economies.